Question : Trade creditors Rs. 1,60,000. Half of the trade creditors accepted Plant and Machinery Settled an agreed valuation of Rs. 54,000 and cash in full settlement of their claims after Allowing a discount of Rs. 16,000. The remaining trade creditors were paid 90% in the final settlement. Bank account will be credited/debited by .....
Option 1: Credited by Rs 10,000
Option 2: Credited by Rs 72,000
Option 3: Credited by Rs 60,000
Option 4: Credited By Rs 82,000
Correct Answer: Credited By Rs 82,000
Solution : Answer = Credited By Rs 82,000 Realisation AIC Dr. 82000 To Bank A/C 82000
Hence, the correct option is 4.
Question : Half of the Trade Creditors valued Rs 40,000 accepted Plant and Machinery at 10% less than the book value and Cash of Rs. 5,000 in full settlement of their claims. The remaining Trade Creditors were paid at a discount of 10%. The entry will be
Question : In the Settlement Of Varun's ( partner) loan Of Rs 50,00 to the firm, a computer net appearing in the books is taken over by him at an agreed value of Rs 30,000. The realization account will be
Question :
A liability for a claim, included in creditors for Rs.20,000 is settled at Rs.16,000. The revaluation account will be -----
Question : A debtor of Rs 31,000 agreed to pay the dissolution expenses which were Rs 30,000 in full settlement of his debt. Choose the correct option.
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